Venezuela: Bankers back closure of troubled banks

CARACAS, Venezuela (AP) - Venezuela's two leading associations of bankers support a move by President Hugo Chavez's government to close four banks after authorities uncovered major financial problems.

The National Banking Council and the Venezuelan Banking Association say the decision this week to permanently close two of the banks, Canarias and ProVivienda, and auction off their assets was "adequate and necessary" to protect clients.

In a joint statement issued on Tuesday, both groups also supported the government's decision to take over the management of two other banks, Confederado and Bolivar.

Authorities have said investors were unable to show the origins of the funds used to buy the banks.

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Source: moneycentral.msn.com/